Application Review: How do I approve an application?

Approving an application generally takes up to 5 steps in the following sequential order:

1. Pre-Underwriting Review (Optional)
2. Initial Review 
3. Final Review (Optional)
4. Notify Applicant with Decision
5. Fund the Account after Applicant Signs Agreement

Click here for an overview of the application review workflow.

The Pre-Underwriting Review and Final Review steps are optional, and you can control whether to include them when customizing your application review process. 

The following are the three basic steps for approving an application. 

Step 1. To Initiate Review: Make a Decision to Approve an Application

To begin the underwriting process, select "To Initiate Review" from the Credit Applications drop down or the Accounts drop down.  Find the application to review and click on the "Review" button to begin the process.

For loan, line of credit or credit card applications, use the "Credit Applications" drop down menu.

For account opening applications, use the "Credit Applications" drop down menu.

Upon clicking the Review button, you will see the Underwriting Summary page as shown below.  When all the underwriting standards on the lower half of the page have been completed, the decision buttons will activate, i.e. turning from gray to a vibrant color of red (Decline), yellow (Counter),  or green (Approve). The majority of the data inputs for the underwriting standards section are automatically filled. 

Here you can approve the application by clicking on the activated Approve button to select or fill in the terms of the product in the pop-up window. When you have completed specifying the terms, click on "Submit Recommendation" to move this application to the next step.  If Final Review is part of the review process, the application will appear on "To Finalize Review" page.  After Final Review, the application will move onto "To Notify" page.  However, if Final Review is skipped, the application will move straight to "To Notify" page. 

Step 2. To Notify: Generate and Send Product Agreement

In this step, you will click on "Approved" on the To Notify page to finalize the product terms, which will be used to generate the agreement, notify your applicant with the approval decision, and send the agreement to the applicant for review and e-signature.  

The terms set in the previous review steps are carried to the To Notify page.  You will be able to modify certain terms, such as "Note Date" or "Origination Fee" amount for loan products. However, if you need to change any of the other terms, such as interest rate, you will use the "Move" function to move the application back to "To Initiate" page to make the change.

Click here for an article on how to move an application up stream. 

Once you have finalized and confirmed the product terms, click on "Next" to generate the agreement.  You can review the agreement before sending it to the applicant.  When you are ready to send, click on the "Send" button.  This will trigger an email and text message to your applicants notifying them of your decision and calling on them to accept your offer before it expires.

Step 3. Approved: Final Step to Wrap Up the Application

The "Send" button also moves the application to the "Approved" page. 

When the applicant has completed reviewing and signing the agreement, the text "Pending" in the above image will update to "Complete".  At that time, you can proceed to disburse loan funds, book the newly opened account or line of credit, which ends the life cycle of the application and switch the application into an active loan or new account.